Rivian announced on Friday a new round of investment of $ 2.5 billion from Amazon, Ford and other partners.
The new funding was led by Amazon’s Climate Pledge Fund, D1 Capital Partners, Ford Motor Co. and funds and accounts advised by T. Rowe Price Associates, Inc. This round included participation from Third Point, Fidelity Management and Research Company, Dragoneer Investment Group, and Coatue.
“As we approach the start of vehicle production, it is essential that we continue to look ahead and pursue Rivian’s next phase of growth,” Rivian CEO RJ Scaringe said in a statement. . “This injection of funds from trusted partners enables Rivian to develop new vehicle programs, extend the footprint of our national facilities and fuel the international deployment of products. “
This week, Rivian confirmed plans for a second assembly plant in the United States.
Rivian says he has raised around $ 10.5 billion to date. The funds and accounts managed by Amazon, Ford and T. Rowe have been part of several fundraising rounds. Amazon has also ordered 100,000 electric delivery vans from Rivian.
Rivian’s first manufacturing plant is in Normal. Rivian already has more than 2,100 employees at Normal, quickly becoming one of McLean County’s Top 5 Employers, and plans to reach 3,000 to 4,000 workers by the end of 2022.
Rivian’s first vehicles, which have been twice delayed by the pandemic, will be delivered to customers in September.